The author’s “Principles of Economics” published in 1904 aimed to present a unified theory of distribution under the conditions of the modern price system. Value, rent, wages, and interest were for the first time in a general text treated as different manifestations of the same general principles, not as contrasted phenomena each governed by a law of a different nature. The present text develops this plan further and seeks to bring out more clearly on the theoretical side important distinctions such as those between the individual psychology of value and market price, static and dynamic conditions, temporary and more permanent changes, commercial and welfare problems.
This text of “Economic Principles” seeks to answer the practical needs of our society as it is today better than does the older analysis which has become conventionalized in college texts. Illustrations of principles are drawn almost entirely from contemporary American conditions. A number of practical applications of the principles are treated in a second volume “Modern Economic Problems” (revised 1922), dealing with the facts, theories, and public policies relating to money, banking, international trade, labor organizations, agricultural economics, trusts, taxation, insurance, and other topics.